Edgewise Therapeutics (NASDAQ:EWTX) Trading Down 4.8% - Should You Sell?

Key Points

• Edgewise Therapeutics saw a **4.8% drop** in stock price, trading at $14.78, with an **85% decline** in trading volume on the day.
• Analysts maintain a **favorable outlook** on the stock, with the average price target set at **$40.55**, including multiple recent upgrades from firms like Royal Bank of Canada and Raymond James.
• Insider transactions indicate a **17% decrease** in holdings for General Counsel John R. Moore and a **20% decrease** for CEO Kevin Koch, with insiders collectively selling over **116,000 shares** in the last three months.

Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report)'s share price dropped 4.8% on Friday . The company traded as low as $14.82 and last traded at $14.78. Approximately 178,287 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 1,179,011 shares. The stock had previously closed at $15.53.

Analysts Set New Price Targets

EWTX has been the subject of a number of analyst reports. HC Wainwright initiated coverage on shares of Edgewise Therapeutics in a research report on Monday, June 30th. They issued a "buy" rating and a $42.00 target price for the company. Royal Bank Of Canada lifted their price objective on shares of Edgewise Therapeutics from $48.00 to $49.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. Raymond James Financial initiated coverage on shares of Edgewise Therapeutics in a research report on Wednesday, July 30th. They issued a "strong-buy" rating and a $46.00 price objective for the company. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Edgewise Therapeutics from $40.00 to $30.00 and set an "overweight" rating for the company in a research report on Tuesday, August 19th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $40.55.

Edgewise Therapeutics Stock Performance

The business's 50 day moving average price is $14.12 and its 200-day moving average price is $15.43.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($0.34) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.42) by $0.08. Research analysts forecast that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current year.

Insider Activity at Edgewise Therapeutics

In other Edgewise Therapeutics news, CMO Joanne M. Donovan sold 2,862 shares of Edgewise Therapeutics stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $13.39, for a total value of $38,322.18. Following the completion of the sale, the chief marketing officer owned 25,361 shares in the company, valued at $339,583.79. The trade was a 10.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Kevin Koch sold 7,972 shares of Edgewise Therapeutics stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $13.39, for a total transaction of $106,745.08. Following the completion of the sale, the chief executive officer owned 30,615 shares of the company's stock, valued at $409,934.85. This trade represents a 20.66% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 116,267 shares of company stock worth $1,677,815. 23.20% of the stock is owned by corporate insiders.

Institutional Trading of Edgewise Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the business. GAMMA Investing LLC raised its stake in Edgewise Therapeutics by 2,243.2% in the 1st quarter. GAMMA Investing LLC now owns 30,954 shares of the company's stock worth $681,000 after purchasing an additional 29,633 shares in the last quarter. Aberdeen Group plc raised its stake in Edgewise Therapeutics by 75.8% in the 1st quarter. Aberdeen Group plc now owns 313,025 shares of the company's stock worth $6,887,000 after purchasing an additional 134,982 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Edgewise Therapeutics by 231.1% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 279,125 shares of the company's stock worth $7,453,000 after purchasing an additional 194,831 shares in the last quarter. Jennison Associates LLC acquired a new stake in Edgewise Therapeutics in the 1st quarter worth about $2,832,000. Finally, Ameriprise Financial Inc. acquired a new stake in Edgewise Therapeutics in the 4th quarter worth about $603,000.

Edgewise Therapeutics Company Profile

Edgewise Therapeutics, Inc, a biopharmaceutical company, discovers, develops, and commercializes therapies for the treatment of muscle disorders. Its lead product candidate, EDG-5506, an orally administered small molecule that is in Phase II clinical trials, designed to address the root cause of dystrophinopathies including Duchenne muscular dystrophy and Becker muscular dystrophy.